Biohaven (NYSE:BHVN) Stock Price Down 6.1% - What's Next?

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) were down 6.1% on Tuesday . The stock traded as low as $38.57 and last traded at $38.90. 747,849 shares were traded during mid-day trading, a decline of 33% from the average session volume of 1,115,819 shares. The stock had previously closed at $41.44.

Analyst Ratings Changes

BHVN has been the topic of several analyst reports. HC Wainwright reiterated a "buy" rating and issued a $59.00 target price on shares of Biohaven in a report on Tuesday. Piper Sandler upped their price objective on shares of Biohaven from $66.00 to $76.00 and gave the company an "overweight" rating in a research note on Monday, September 23rd. William Blair raised shares of Biohaven to a "strong-buy" rating in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Biohaven in a research report on Tuesday. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 price objective (up from $58.00) on shares of Biohaven in a research report on Wednesday, December 4th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Biohaven has an average rating of "Buy" and an average price target of $63.00.

Biohaven Stock Performance

The business has a 50 day moving average of $48.47 and a two-hundred day moving average of $41.87. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of -4.18 and a beta of 1.24.

Biohaven (NYSE:BHVN - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.67) by ($0.03). On average, equities analysts predict that Biohaven Ltd. will post -8.85 EPS for the current fiscal year.

Insider Activity

In other Biohaven news, Director Gregory Bailey bought 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, with a total value of $220,950.00. Following the completion of the acquisition, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The trade was a 0.31 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John W. Childs purchased 21,052 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were acquired at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the acquisition, the director now directly owns 21,052 shares of the company's stock, valued at $999,970. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company's stock.

Institutional Investors Weigh In On Biohaven

Several large investors have recently made changes to their positions in the business. Stifel Financial Corp increased its position in Biohaven by 0.4% in the third quarter. Stifel Financial Corp now owns 6,509,261 shares of the company's stock worth $325,268,000 after buying an additional 28,684 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Biohaven by 5.6% during the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company's stock worth $311,142,000 after acquiring an additional 328,099 shares during the period. Farallon Capital Management LLC increased its holdings in Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company's stock worth $78,028,000 after acquiring an additional 1,449,000 shares during the last quarter. Geode Capital Management LLC raised its stake in Biohaven by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,714,612 shares of the company's stock valued at $85,696,000 after acquiring an additional 44,174 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Biohaven by 745.9% during the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company's stock valued at $74,969,000 after purchasing an additional 1,322,922 shares during the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

About Biohaven

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.

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